Homebuyer Tax Credit Extended and Expanded
Home Buyer Credit EXTENDED and EXPANDED!
Here it is….the news we have all been waiting to hear….
the ‘first time home buyer’ $8000 tax credit will be extended…and….
you will love this….to now include..
MOVE UP BUYERS.
Of course, you need to be aware of some rules:
Effective 12/01/2009, the Federal Tax Credit Program has been extended.
The notable aspects of the Bill include:
- The Tax Credit for 1st time buyers is still 10% of the purchase price with a maximum of $8,000.
- No repayment is required as long as the buyer lives in their home as their primary residence for at least 3 years.
- They have added a credit up to $6,500 for repeat buyers. They must have owned and lived in their current home as their primary residence for at least the past 5 consecutive years.
- Income limits have been increased. The limit for a single filer is now $125,000 and $225,000 for joint filers (previously $75,000 and $150,000).
- A reduced credit is available to single filers with incomes of $145,000 or joint filers up to $245,000 in income.
- Homes must cost less than $800,000.
Home buyers must sign a Purchase Agreement no later than 04/30/2010 and they must take title no later than 06/30/2010.